FabFitFun, the Los Angeles-based lifestyle membership brand, and subscription box company have announced a massive $80 million fundraising in their Series A round funding. The latest financing was led by Kleiner Perkins which saw participation from existing backers Upfront Ventures and NEA.
The latest round takes the total amount raised by the company to $83.5 million. Prior to this round, the company had raised seed capital from Anthem Venture Partners, 500 Startups, Eytan Elbaz, Joe Green, and Justin Mateen along with NEA and Upfront Ventures. Mood Rowghani and Mary Meeker, partners at Kleiner Perkins as part of the funding will be joining board member of the firm. The company intends to use the freshly raised capital for the expansion of their membership offering. At the same time, it will work on consolidating their position as a marketing partner and platform for the brands.
The company was founded by Daniel Broukhim, Katie Echevarria Rosen Kitchens, Michael Broukhim, and Sam Teller in 2010. The company was launched as a newsletter and blog but with time it kept changing and evolving. Their unique retail engagement platform has helped consumer discover more lifestyle products from categories like beauty, wellness, fashion, fitness.
Daniel Broukhim, the Co-CEO of the firm talking about the company goal said, “Our mission is to inspire happiness and well-being, and we hear from our members every day about how we’ve done that and so much more. People from all over the world come to FabFitFun to discover new products and they remain engaged because of our interactive community and one-of-a-kind experiences."
Mood Rowghani commenting about the firm and how it has become an exciting firm said, “FabFitFun has emerged into an exciting and entirely new distribution channel that brings retail to the platforms where consumers are most engaged. The company’s personalized connection with its community allows brands to better understand and interact with consumers – establishing a long-term relationship rather than simply a transaction.”
Image Courtesy : fabfitfun